**Shelter Infra Projects Limited** (formerly **CCAP Limited**) is an Indian infrastructure and real estate development firm headquartered in **Salt Lake, Kolkata**. The company is a subsidiary of **M/s Ramayana Promoters Private Limited**, which maintains a majority stake of **55.5001%** as of **September 2025**. After a period of financial consolidation, the company has successfully transitioned to profitability and is currently pivoting its core business model from traditional civil engineering to residential real estate and specialized asset management. --- ### Financial Performance and Capital Structure The company has demonstrated a consistent trend of loss reduction, culminating in a return to profitability in the **2024-25** fiscal year. This recovery is attributed to stringent cost-management protocols and a steady stream of rental income. **Five-Year Financial Summary:** | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue (INR Cr)** | **2.56** | **1.81** | **1.46** | **2.42** | | **Net Profit / (Loss) (INR Lakhs)** | **23.18** | **(19.09)** | **(40.43)** | **(56.80)** | | **Revenue Growth (YoY)** | **41.4%** | **23.9%** | **(39.6%)** | -- | **Key Capital Metrics:** * **Paid-up Equity Share Capital:** **INR 3.56 Crore**, consisting of **35,66,200 shares** at a face value of **INR 10** each. * **Debt Status:** The company reports **zero outstanding defaults** on loans or debt securities. * **Liquidity Position:** Cash and bank balances stood at **INR 0.20 crore** as of March 31, 2025. To address liquidity, the Board has approved a loan application to **Punjab & Sind Bank** for working capital. * **Dividend Policy:** No dividend was declared for **FY25**; all earnings have been transferred to **reserves** to fund upcoming project development. --- ### Strategic Pivot: From Infrastructure to Residential Real Estate Shelter Infra is undergoing a fundamental shift in its operational focus. While historically rooted in **Civil Construction Contracts**, the company is now prioritizing **Residential Real Estate** to ensure consistent cash inflows. * **Affordable Housing Focus:** Leveraging the **PMAY Urban** tax incentives (valid until **March 2026**), the company is targeting the demand for **2.5 crore** affordable units projected by **2030**. * **Specialized Segments:** Development plans are underway for **Senior Citizen Living** and **Residential Plots**, specifically in **Barasat, West Bengal**. * **Professionalized Execution:** The company is moving away from in-house execution toward a model of hiring **specialized agencies** for the marketing and construction of real estate projects. * **Asset Monetization:** Management is focused on collecting long-standing **Sundry Debtors** and resolving **INR 5.56 Crore** in advances for development rights currently classified as "good and recoverable." --- ### Operational Segments and Asset Portfolio The company’s revenue model is currently bifurcated between active leasing and dormant construction activities. | Segment | Status | Revenue Contribution | Strategic Role | | :--- | :--- | :--- | :--- | | **Rental Activities** | **Active** | **Primary** | Provides a stable revenue buffer and covers operational overheads. | | **Construction** | **Inactive** | **Zero (FY25)** | Historical core; future bidding is selective and focused on high-margin EPC. | **Asset Management & Controls:** * **Fixed Assets:** All title deeds for immovable properties are held directly in the company’s name. * **Internal Controls:** While auditors confirmed **adequate internal financial controls** for financial reporting in **FY25**, they noted a need for improved systematic maintenance of **Goods Receipt Notes (GRN)** and material issue slips at project sites. * **Human Capital:** The company operates with a lean team of **14 employees**, emphasizing workforce training as a core asset. --- ### Market Outlook and Technological Integration The company aims to align with the broader Indian real estate market, projected to reach **US$ 1 trillion** by **2030** and contribute **13%** to the national GDP by **2025**. * **Technological Adoption:** Implementation of **Building Information Modelling (BIM)**, aluminum formwork, and **Online Building Plan Approval Systems (OBPAS)** is targeted to reduce development timelines by **20-30%**. * **Sustainability:** In response to state mandates requiring **20-30%** sustainable materials in projects, the company is integrating **Green Building** practices and **IoT-enabled devices**. * **Future Asset Classes:** Strategic interest has been expressed in **industrial warehousing**, **data centers**, and **co-living** spaces. --- ### Risk Factors and Contingent Liabilities Investors should note significant audit qualifications and legal hurdles that impact the company’s valuation and liquidity. **1. Audit Qualifications & Financial Discrepancies:** * **Unprovisioned Costs:** **INR 5.56 crore** in development right costs remain on the books despite auditor concerns regarding recoverability. * **Valuation Gaps:** The fair value of non-current investments (book value **INR 94.76 lakhs**) remains undetermined. * **Lease Liabilities:** The company has not provided for lease rent on land held for **99 to 999 years** due to a lack of communication from the **Urban Development Department, West Bengal**. **2. Statutory Arrears (Sub-Judice):** The company faces substantial outstanding dues currently under litigation: | Category | Amount (INR Lacs) | | :--- | :--- | | **Income Tax** | **1,235.38** | | **Service Tax** | **346.36** | | **Municipal Tax** | **321.47** | | **SEBI Act Penalty** | **57.00** | | **GST** | **20.96** | **3. Operational Risks:** * **Project Suspensions:** Construction remains suspended at the **Teen Kanya** and **Sisir Kunja** sites. * **Legal Disputes:** A major 2010 contract with **Military Engineering Services (MES)** remains mired in litigation at the **Alipore Court** following multiple cancellations. * **Liquidity Pressure:** Current liabilities exceed current assets, necessitating careful management of debt obligations and related-party transactions (approved up to **INR 500 Crores** per annum).